SYS Research – Daily Report – Thursday, January 18, 2024

Notice: The Daily Setups are provided for informational purposes only and are not intended as a stock-picking service. The charts and information provided are intended to aid research and analysis and should only be used as indicators. They should not be considered as a direct trigger to buy or sell any security. The creator assumes no responsibility for any actions readers take and strongly advises each individual to fully understand the risks and potential consequences before making any investment decisions. Please note that the charts shared are not intended as signals to buy or sell but as a tool to add to your watchlist and analyze according to your trading ability. Remember that not all charts will result in buy or sell actions at any time.

Just a friendly reminder: We update the sector chartists every weekend. We highly recommend that you take some time to browse and create your watchlist. Please pay close attention to the Daily Setups and Workspace scan results for potential future additions to stay ahead of the game.

If you’re facing challenges understanding the Daily Setups or need help crafting a trading strategy, don’t hesitate to ask for assistance. You can contact me via email at info@setyourstop.com or reach me through the Workspace. Let’s schedule a meeting to address your specific requirements and provide you with the guidance you need.

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SYS Daily Report

Tech-Led Rally Propels Nasdaq to Yearly Highs, Breaking Lengthy Losing Streak

Stocks closed higher on Thursday afternoon, driven by a remarkable rally in tech stocks that propelled the Nasdaq Composite into positive territory for the first time this year, experiencing a robust 1.4% gain. This achievement marks the conclusion of the Nasdaq’s longest period of negative performance since 2016 when it recorded a negative annual loss for the initial 131 trading days. The Nasdaq is now poised to decisively surpass the psychological threshold of 15,000 as price action starts to break out from a continuation pennant, signaling a potential shift in market sentiment.

Nasdaq

The Dow Jones Industrial Average posted a gain of 202 points, marking a 0.5% increase and breaking a three-day declining trend. Notably, the price action remained firmly anchored to the 21-exponential day moving average. This suggests a level of support until the one time it’s not.

Dow Jones Industrial Average

The S&P 500 recorded a notable gain of 0.9%, successfully breaking a two-day losing streak. Interestingly, it maintained a position above the 21-exponential day moving average and positioned itself just below the upper trendline of a continuation pattern. This setup suggests potential momentum and resilience in the market, prompting investors to closely monitor how the index navigates this strategic positioning in the coming sessions.

S&P 500

In the realm of fixed income, Treasury yields experienced an uptick following Atlanta Fed’s Bostic expressing skepticism about overly optimistic interest-rate expectations in the markets. This rise in yields was further fueled by weekly jobless claims coming in lower than anticipated and housing starts slightly exceeding forecasts. Interestingly, these factors did not deter the upward trajectory of the stock market. The 10-year Treasury yield extended its gains to 4.14%, surpassing the 4% threshold, as it continues to ascend from the bull flag breakout line retest.

10-Year US Treasury Yield

The dollar index climbed for a fifth straight session on Thursday after labor market data showed job growth, keeping expectations for an interest rate cut from the Federal Reserve in check. When looking at the chart, it can be seen to resemble the chart of the 10-year US treasury yield, with price action popping higher from a bull flag retest of a support line.

US Dollar

The price action on the crude oil chart is currently at an interesting juncture. Futures experienced gains as the International Energy Agency revised its 2024 demand growth forecast upward to 1.2 million barrels a day, compared to the previous estimate of 1.1 million. Contributing to the positive momentum, the U.S. Energy Information Administration reported a larger-than-expected decline in crude oil inventories, including a substantial 2.1 million-barrel draw at Cushing, Oklahoma, the Nymex delivery hub. Consequently, WTI for February delivery settled up 2.1% at $74.08 a barrel. These developments underscore the impact of both demand projections and inventory dynamics on the bullish sentiment in the crude oil market, prompting investors to closely monitor oil prices and the chart for any signs of upside momentum.

Crude Oil

As we delve into the daily setups, let’s keep in mind the timeless wisdom of trend following: ‘In the river of financial markets, the successful navigate by flowing with the trend, not against it.’ Now, let’s delve into the daily setups!

US Daily Setups

AVGO – Broadcom Inc.

Broadcom is set up for a potential all-time high breakout.

LINK TO CHART – https://schrts.co/qFyRpGUS

 

GOOGL – Alphabet Inc.

Alphabet is attempting to trend higher from a bull flag retest of the recent breakout.

LINK TO CHART – https://schrts.co/rjDNCMzK

 

META – Meta Platforms, Inc.

Meta is positioning itself for a potential breakout to another new high and the continuation of the uptrend.

LINK TO CHART – https://schrts.co/EHaqhzYs

 

MSFT – Microsoft Corp.

Microsoft is attempting to continue its uptrend following the recent breakout.

LINK TO CHART – https://schrts.co/WVvaTstM

 

SMH – VanEck Vectors Semiconductor ETF

VanEck Vectors Semiconductor ETF is breaking out to a new all-time high.

LINK TO CHART – https://schrts.co/izazavDK

 

TW – Tradeweb Markets Inc.

Tradeweb Markets is attempting to break out with increased volume from the recently highlighted area of consolidation

LINK TO CHART – https://schrts.co/GhdQcSDK

 

Canadian Daily Setups

WSP.TO – WSP Global Inc.

WSP Global is attempting to continue its uptrend as price action starts to push higher from an area of consolidation.

LINK TO CHART – https://schrts.co/TGDheVFM

 

TCW.TO – Trican Well Service Ltd.

Trican Well Service continues to set up below the upper trendline of a continuation pattern. Monitor for a potential breakout.

LINK TO CHART – https://schrts.co/wxSTsumU

 

SCR.TO – Strathcona Resources Ltd.

Strathcona Resources is attempting to move higher from a rounded bottom pattern.

LINK TO CHART – https://schrts.co/THHKxpYt

 

NOA.TO – North American Construction Group Ltd

North American Construction Group continues to exhibit upside strength from its rounded bottom breakout.

LINK TO CHART – https://schrts.co/hBceIyfZ

 

MATR.TO – ShawCor Ltd.

ShawCor is attempting to break out from a rounded bottom pattern.

LINK TO CHART – https://schrts.co/rSAkwasx

 

GOOG.NE – Alphabet Inc – Canadian Depository Receipt

Alphabet is attempting to trend higher from a bull flag retest of the recent breakout.

LINK TO CHART – https://schrts.co/crmjuBJF

To bring our report to a close, we thank you for your engagement and insights. Your feedback is of great value, and we encourage you to share your recommendations. Stay attentive to the Daily Setups, the Workspace, and the Watchlists for emerging opportunities. Additionally, be sure to explore the scanner result PDFs provided below. Until next time, happy trading!

US Scanner Results

Click on the CandleGlance chart to view it in full size. Find a chart that matches your criteria or interests. You can easily save it to your watchlist on StockCharts.com for further analysis and tracking or copy and paste the ticker list into your chart provider.

EXPORT – US Watchlist Scan – 2024-01-18

A, AAL, AAPL, ABBV, ABNB, ACA, ACGL, ACN, ADP, ADSK, AER, AFL, AFYA, AGM, AGO, AGYS, AIG, AIT, AIZ, AJG, AKAM, ALG, ALL, ALLE, AMAT, AME, AMGN, AMR, AMWD, AMZN, ANET, APG, APH, APO, APP, ARCH, ARCO, ARM, AROC, ASML, ASND, ATEYY, ATGE, ATKR, ATR, AVAV, AVGO, AVY, AWI, AXON, AYI, AZO, AZZ, BAH, BCSF, BELFB, BKNG, BLD, BLK, BRBR, BRK/B, BSX, BTU, BUR, BYRN, CACI, CAH, CAMT, CAVA, CB, CCEP, CCL, CCOI, CCS, CDNS, CDRE, CDW, CEIX, CGBD, CHE, CHKP, CI, CIEN, CINF, CLS, CMG, CNA, CNM, CNO, COLL, COO, COR, COST, CPRT, CR, CRH, CRM, CRWD, CSCO, CSWI, CTAS, CTLT, CUK, CVLG, CVLT, CW, CXT, CZR, DASH, DAVA, DBX, DCI, DECK, DFIN, DIS, DKNG, DKS, DMLP, DOV, DRI, DRS, DSGR, DSGX, DT, DTM, DXCM, DY, EA, EADSY, ECL, EG, EHC, EME, EMN, EMR, ENSG, ENTG, EPAM, EPD, ERIE, ESAB, ESOA, ESTC, ETN, EW, EXP, EXPD, FA, FAST, FBIN, FCFS, FCN, FDS, FERG, FFIV, FICO, FIX, FLS, FMX, FN, FOR, FOX, FSS, FSV, FTAI, FTDR, FTNT, GBDC, GD, GE, GEN, GEOS, GFF, GGG, GIB, GIS, GL, GLRE, GLW, GNTX, GOLF, GOOG, GOOGL, GPOR, GRBK, GRMN, GWRE, GWW, H, HCA, HCC, HCI, HD, HEI, HIG, HII, HLNE, HLT, HMC, HNI, HOLX, HQY, HRI, HSIC, HUBB, HUBS, HURN, HWM, IBCP, IBM, IBP, ICE, IDCC, IDT, IESC, IGIC, IHG, IHI, ILMN, INSW, INTA, INTU, IR, ISRG, IT, ITB, ITT, ITW, IWF, J, JBHT, JNJ, JNPR, KAI, KEYS, KLAC, KNF, KO, KRT, L, LBRT, LDOS, LECO, LH, LII, LIN, LMT, LNW, LOGI, LPLA, LRCX, LRN, LUV, LVS, LWAY, MA, MAIN, MAMA, MAR, MAS, MBWM, MCD, MCHP, MCK, MCO, MEDP, MELI, META, METC, METV, MHO, MITK, MLI, MLM, MMC, MMM, MMYT, MNST, MOD, MORN, MPWR, MRK, MSFT, MSI, MSM, MTD, MTSI, NCLH, NDAQ, NDSN, NEU, NFLX, NMIH, NOA, NOW, NPO, NSC, NSIT, NSSC, NTAP, NTNX, NVMI, NVO, NVT, NXT, OBDC, OC, OKE, OLED, ONTO, ORCL, ORLY, OSG, OSIS, OSK, OTEX, OTIS, PAA, PAGP, PAM, PATK, PAYX, PBA, PCAR, PEP, PFGC, PGR, PGTI, PH, PKG, PLMR, PLNT, PLUS, PNR, PODD, POOL, PPG, PRI, PRIM, PSN, PTC, PWR, PWSC, PYPL, QCOM, QLYS, QQQ, QSR, RACE, RBC, RCL, RDNT, REGN, RELX, REVG, RGA, RJF, ROAD, ROCK, ROK, ROL, ROP, ROST, RPM, RSG, RTX, RYAAY, SAIA, SAIC, SAP, SBUX, SFM, SHAK, SHW, SIGI, SKWD, SKX, SMH, SNA, SOVO, SPB, SPGI, SPLK, SPOT, SPXC, SPY, SQSP, SSD, STE, STN, STNG, STZ, SXC, SYY, TDG, TER, TEX, TIPT, TJX, TM, TMHC, TMO, TMUS, TNK, TPH, TRAK, TREX, TRI, TRMD, TRV, TSCO, TSM, TT, TW, TXN, TYL, UBER, UHS, ULTA, UNP, UPS, URI, USAC, USFD, V, VECO, VGT, VLTO, VMC, VNT, VRRM, VRSK, VRT, VZ, WAB, WAT, WDAY, WDC, WFRD, WING, WIRE, WM, WMG, WMS, WMT, WRB, WSM, WTFC, WTS, WTW, WWD, WYNN, XHB, XLC, XLI, XLK, YUM, Z, ZBH, ZG

 

Canadian Scanner Results

Click on the CandleGlance chart to view it in full size. Find a chart that matches your criteria or interests. You can easily save it to your watchlist on StockCharts.com for further analysis and tracking or copy and paste the ticker list into your chart provider.

EXPORT – Canadian Scanner Results – 2024-01-18

AAPL.NE, AFN.TO, AGF/B.TO, AI.TO, AKT/A.TO, ALS.TO, AMD.NE, AMRQ.V, AMZN.NE, ARE.TO, ATD.TO, ATD/A.TO, ATRL.TO, ATS.TO, ATZ.TO, AVGO.NE, BAM.TO, BAM/A.TO, BBD/B.TO, BCE.TO, BDGI.TO, BDI.TO, BEPC.TO, BHC.TO, BIP/UN.TO, BK.TO, BK/PA.TO, BN.TO, BPF/UN.TO, BRK.NE, BYD.TO, CAD.V, CAS.TO, CCA.TO, CEU.TO, CF.TO, CGO.TO, CHE/UN.TO, CIG.TO, CIGI.TO, CIX.TO, CJT.TO, CLS.TO, CMG.TO, CNR.TO, CP.TO, CRDL.TO, CRM.NE, CSU.TO, DBM.TO, DCBO.TO, DFN.TO, DFN/PA.TO, DFY.TO, DGS.TO, DHT/UN.TO, DIS.NE, DIV.TO, DML.TO, DOL.TO, DOO.TO, DR.TO, DRX.TO, DSG.TO, EFX.TO, EIF.TO, ELD.TO, ELE.V, EMP/A.TO, ENGH.TO, FAR.TO, FC.TO, FCU.TO, FEC.TO, FFH.TO, FFN/PA.TO, FIL.TO, FISH.V, FOM.TO, FSV.TO, FSY.TO, FSZ.TO, FTT.TO, GEI.TO, GFL.TO, GIB/A.TO, GIL.TO, GLO.TO, GMIN.TO, GOOG.NE, GRZ.V, GURU.TO, HAI.TO, HPS/A.TO, IFC.TO, IGM.TO, ILLM.TO, INTC.NE, ISO.V, IVN.TO, JAG.TO, JWEL.TO, KEY.TO, KMP/UN.TO, KPT.TO, KSI.TO, KXS.TO, L.TO, LBS.TO, LIF.TO, LNR.TO, MATR.TO, MCB.TO, MFI.TO, MOO.V, MRU.TO, MSFT.NE, MTL.TO, MVRS.NE, NA.TO, NFLX.NE, NOA.TO, NVDA.NE, NWC.TO, NXE.TO, OLA.TO, ONEX.TO, OTEX.TO, PAY.TO, PET.TO, PHX.TO, PKI.TO, POW.TO, PRL.TO, PSD.TO, PTI/UN.TO, PTO/UN.TO, PYPL.NE, PZA.TO, QBR/B.TO, QSR.TO, RBA.TO, RBY.TO, RCI/B.TO, RCK.V, RDE.NE, REAL.TO, REI/UN.TO, RPI/UN.TO, RSI.TO, RUS.TO, SAP.TO, SBC.TO, SCR.TO, SGD.V, SGR/UN.TO, SHLE.TO, SIA.TO, SIS.TO, SJ.TO, SOY.TO, STC.TO, STEP.TO, STN.TO, T.TO, TCW.TO, TIH.TO, TOI.V, TOT.TO, TRI.TO, TROY.CA, TWM.TO, U/UN.TO, URC.TO, VHI.TO, VISA.NE, VLE.TO, VZLA.V, WCN.TO, WN.TO, WPK.TO, WSP.TO, WUC.CA, X.TO, ZZZ.TO

 

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